C.A.R's Statement On Recently Inked Tax Reform Bill
The U.S. House of Representatives and Senate just passed the congressional “tax reform” bill. The President will sign the bill within days and the measure will go into effect on January 1. We are disappointed that Congress has passed tax reform legislation that puts home values at risk and dramatically undercuts the incentive to own a home.
While we weren’t successful in defeating the bill outright, California REALTORS® communicated with their Members of Congress over 44,000 times in the last several weeks by responding to C.A.R. and NAR Calls for Action. Those communications helped improve the final bill. And for that, we are all grateful.
Unfortunately, the final bill still eliminated homeownership incentives and is disproportionately harmful to California. For these reasons, C.A.R. continued to oppose the bill to the very end.
Thank you to everyone who helped in this effort. In the coming weeks, C.A.R. will provide members with additional information on how the new law will impact them.
As we move forward and learn the full impact of this legislation, we hope we can work with Congress to make the necessary changes that will keep housing as the foundation of this great nation’s economy.
Homeownership has been and will always be the foundation of opportunity for Americans across our great nation, and C.A.R. will not stop advocating for it.
Steve White President CALIFORNIA ASSOCIATION OF REALTORS®